Browsing: Bamboo

Nigeria bank crackdown on fintech firms

Four days after the Central Bank of Nigeria {CBN} obtained a court order to freeze the accounts of fintech platforms Rise vest, Bamboo, Trove and Chaka for the next six months, Finance and investment analysts on weekend castigated this decision by such a reputable institution terming it as a desperate move that could hamper the long-term development of the economy.

This came as the Nigerian Exchange (NGX) Limited underscored the importance of FinTech’s in achieving an inclusive digital economy.

Market analysts at Cordros Securities said the freezing of the fintech accounts was “a desperate move to preserve the value of the naira” but it could further worsen the country\s economic perception.

“For us, this development could further worsen foreign investors’ perception of the country’s investment climate and may constrain private investment in the fintech space,” Cordros Securities stated.

The CBN had obtained a court order to freeze the account of …